Private markets investor Partners Group has provided equity financing for the 500-MW Greenlink interconnector, the subsea connection between Wales and Ireland in exchange for a stake in the scheme.
To-date, Greenlink has been developed by Element Power, an independent renewable energy developer, which, together with funds managed by Hudson Sustainable Investments, is the other major shareholder in Greenlink.
Greenlink will use a subsea high-voltage direct current (HVDC) cable system to connect the power markets of Ireland and Great Britain, improving the security of electricity supply in both countries and reducing average electricity costs for consumers. It will stretch approximately 200km underground and under the sea between County Wexford in Ireland and Pembrokeshire in Wales.
The project is considered of critical importance in Europe and has been awarded "Project of Common Interest" status by the European Commission as well as granted funding from the EU's Innovation and Networks Executive Agency. Construction is scheduled to commence in 2020 and is expected to be completed by 2023.
Esther Peiner, Managing Director, Private Infrastructure Europe, Partners Group, stated: "Greenlink Interconnector is a key electricity infrastructure project for Ireland and Great Britain. With the build-out of renewable energy generation in both countries, particularly the growth of offshore wind, infrastructure like Greenlink is essential to facilitate the low carbon economy as it will allow surplus renewable power to be exported between the two countries."
Esther added: "Once completed, this interconnector will not only benefit consumers in Great Britain and Ireland, but will also enhance security of supply."
OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week